Industry News
Mortgage Industry News
Low Inventory Pushes Prices Up
07/15/2009
For the third month in a row, price per sq/ft, median and average prices have risen for homes priced below $750,000.00. With fewer than expected bank-owned properties hitting the market together with low interest rates, buyers are finding slim-pickings. The opposite is true above $750,000.00, where we have two years of inventory. The third month of increased prices should help appraisers establish a better base to value homes in the market.
Sales increased 1 percent during the month of June for the Tri-County region of Sacramento, Placer and El Dorado Counties. June 2009 sales were 10 percent lower than June 2008 sales. Pending sales increased by 12 percent from May to June 2009.
June 2009 inventory of 6,331 homes for sale is 43 percent lower than June 2008 inventory. This is a 59 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 3 percent from May to June 2009. Inventory decreased 2 percent during the month of June. Pending sales increased by 12 percent in the month of June. 56 percent of the homes sold for under $200,000; 37 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot increased by 3 percent during the month of June to $121.
Placer County sales increased by 15 percent and inventory increased by 1 percent during the month of June 2009. Pending sales increased by 11 percent from May to June. 12 percent of the homes sold for under $200,000; 64 percent of the homes sold for between $200,000 and $400,000; and 24 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of June at $154.
El Dorado County showed an 11 percent increase in sales from May to June, and the inventory decreased by 1 percent from May to June. Pending sales have increased 19 percent during the month of June. 16 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 41 percent of the homes sold for over $400,000. The average price per square foot increased by 3 percent during the month of June to $159.
Yolo County sales increased by 6 percent for June 2009 and the inventory increased by 2 percent. Pending sales increased 8 percent during the month of June. 34 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 18 percent of the homes sold for over $400,000. The average price per square foot decreased by 2 percent during the month of June to $162.
Nevada County sales have increased by 16 percent during the month of June, and inventory increased 1 percent. Pending sales decreased by 3 percent. 3 percent of the homes sold for under $200,000; 38 percent of the homes sold for between $200,000 and $400,000; and 59 percent of the homes sold for over $400,000. The average price per square foot decreased by 7 percent during the month of June at $182.
San Joaquin County sales have increased by 6 percent during the month of June, and inventory decreased 7 percent from May to June. Pending sales are up 17 percent. 49 percent of the homes sold for under $200,000; 42 percent of the homes sold for between $200,000 and $400,000; and 9 percent of the homes sold for over $400,000. The average price per square foot remained the same during the month of June at $93.
